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Singapore Bourse: Resistance Seen At 2,600 Points

(RTTNews) – The Singapore stock market has finished higher in two straight sessions, advancing more than 50 points or 2 percent along the way. The Straits Times Index now rests just beneath the 2,600-point plateau although it maybe stuck in neutral on Friday.

The global forecast for the Asian markets suggests mild consolidation on concerns over coronavirus stimulus and falling oil prices. The European markets were down and the U.S. bourses were mixed and the Asian markets also figure to open in the red.

The STI finished sharply higher on Thursday following gains from the financial shares, property stocks and industrial issues.

For the day, the index jumped 32.77 points or 1.28 percent to finish at 2,595.97 after trading between 2,568.10 and 2,602.33. Volume was 2.35 billion shares worth 1.6 billion Singapore dollars. There were 295 gainers and 173 decliners.

Among the actives, Dairy Farm International surged 2.38 percent, Genting Singapore and Mapletree Commercial Trust both soared 2.13 percent, Ascendas REIT spiked 2.05 percent, DBS Group accelerated 1.95 percent, SingTel rallied 1.68 percent, Wilmar International jumped 1.67 percent, SembCorp Industries climbed 1.57 percent, Mapletree Logistics Trust gathered 1.43 percent, SATS perked 1.41 percent, Oversea-Chinese Banking Corporation advanced 1.24 percent, Keppel Corp sank 1.23 percent, United Overseas Bank collected 0.96 percent, Thai Beverage added 0.83 percent, Singapore Airlines gained 0.82 percent, CapitaLand rose 0.72 percent, Yangzijiang Shipbuilding increased 0.53 percent, Singapore Exchange fell 0.46 percent and CapitaLand Mall Trust, Singapore Technologies Engineering, CapitaLand Commercial Trust, Singapore Press Holdings and Comfort DelGro all were unchanged.

Wall Street offers little clarity as stocks were lackluster on Thursday, lingering near the unchanged line before ending mixed.

The Dow shed 80.12 points or 0.29 percent to finish at 27,896.72, while the NASDAQ added 30.26 points or 0.27 percent to end at 11,042.50 and the S&P 500 fell 6.92 points or 0.20 percent to close at 3,373.43.

The choppy trading on Wall Street came as traders kept an eye on developments in Washington, where Democrats and White House officials remain at an impasse over a coronavirus relief bill.

The ongoing stalemate over a new stimulus bill has raised concerns the economic recovery implied by recent data could stall.

In economic news, the Labor Department said first-time claims for U.S. unemployment benefits declined by more than expected last week.

Oil prices were down on Thursday after the International Energy Agency cut its forecast for global oil demand for 2020 to 91.9 million barrels per day. West Texas Intermediate crude futures dipped $0.28 or 0.66 percent at $42.27, after having jumped 2.6 percent on Wednesday.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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